Scirocco Energy plc stands to receive up to £267,000 from its minor share in Corallian Energy Ltd, part of which has been conditionally sold.
INVESTMENT
Investor Reabold Resources plc announced earlier this week that it was due to sell its stake in Corallian for £32 million gross.
In 2018, Scirocco subscribed for 83,333 shares at a price of £1.50 per share.
“The price of up to £3.20 per share will be paid to Corallian shareholders as a combination of initial cash plus contingent payments offering a profitable exit with up to £267k of proceeds net to Scirocco (based on estimated £3.20 per share),” said the company in a statement.